BioRestorative Therapies Files Q2 2024 10-Q

TL;DR

BRTX filed its Q2 10-Q. Check financials.

AI Summary

BioRestorative Therapies, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Stem Cell Assurance, Inc., is involved in health and allied services. Their principal executive offices are located at 40 Marcus Drive, Melville, NY 11747.

Why It Matters

This filing provides investors with an update on BioRestorative Therapies' financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a company in the health and allied services sector, BioRestorative Therapies likely faces regulatory and market risks inherent to the industry.

Key Numbers

• 20240630 — Reporting Period End (Indicates the end of the fiscal quarter for this filing.)
• 20240813 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• BioRestorative Therapies, Inc. (company) — Filer
• Stem Cell Assurance, Inc. (company) — Former company name
• 40 Marcus Drive, Melville, NY 11747 (location) — Business and Mail Address
• 20240630 (date) — Reporting Period End Date

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value BRTX Nasdaq Capital Mark

Filing Documents

• form10-q.htm (10-Q) — 790KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 16KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-031636.txt ( ) — 4252KB
• brtx-20240630.xsd (EX-101.SCH) — 30KB
• brtx-20240630_cal.xml (EX-101.CAL) — 44KB
• brtx-20240630_def.xml (EX-101.DEF) — 128KB
• brtx-20240630_lab.xml (EX-101.LAB) — 288KB
• brtx-20240630_pre.xml (EX-101.PRE) — 227KB
• form10-q_htm.xml (XML) — 604KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 ITEM 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 ITEM 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION 29 ITEM 1A.

Risk Factors

Risk Factors 29 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 ITEM 6. Exhibits 29

SIGNATURES

SIGNATURES 30 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements BIORESTORATIVE THERAPIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (unaudited) (As Restated) Assets Current Assets: Cash and cash equivalents $ 2,252,247 $ 884,377 Investments held in marketable securities 12,428,218 10,181,618 Accounts receivable 27,400 19,300 Prepaid expenses and other current assets 295,861 305,231 Total Current Assets 15,003,726 11,390,526 Property and equipment, net 345,807 356,055 Right-of-use assets 78,146 151,447 Intangible assets, net 668,818 713,692 Deferred offering costs 22,381 - Total Assets $ 16,118,878 $ 12,611,720 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 215,920 $ 189,389 Accrued expenses and other current liabilities 447,622 711,686 Deferred revenue 80,700 - Lease liability 83,580 162,317 Derivative liabilities 4,491,969 1,543,953 Total Current Liabilities 5,319,791 2,607,345 Total Liabilities 5,319,791 2,607,345 Commitments and contingencies - - Stockholders' Equity: Preferred stock, $ 0.01 par value; 20,000,000 shares authorized; Series B Convertible Preferred Stock; 1,543,158 shares designated, 1,398,158 shares issued and outstanding at June 30, 2024 and December 31, 2023 13,982 13,982 Common stock, $ 0.0001 par value; 75,000,000 shares authorized; 6,919,919 and 4,706,917 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 692 471 Additional paid-in capital 163,735,564 156,689,256 Accumulated deficit ( 152,951,151 ) ( 146,699,334 ) Total Stockholders' Equity 10,799,087 10,004,375 Total Liabilities and Stockholders' Equity $ 16,118,878 $ 12,611,720 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 BIORESTORATIVE THERAPIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OP

Business

Business Operations BRT develops therapeutic products and medical therapies using cell and tissue protocols, primarily involving adult stem cells. BRT's website is at www.biorestorative.com. The information contained in the website or connected thereto is not intended to be incorporated by reference into this Quarterly Report. BRT is currently developing a Disc/Spine Program referred to as "brtxDISC". Its lead cell therapy candidate, BRTX-100 , is a product formulated from autologous (or a person's own) cultured mesenchymal stem cells collected from the patient's bone marrow. The product is intended to be used for the non-surgical treatment of painful lumbosacral disc disorders or as a complimentary therapeutic to a surgical procedure. BRT is also engaging in research efforts with respect to a platform technology utilizing brown adipose (fat) for therapeutic purposes to treat type 2 diabetes, obesity and other metabolic disorders and has labeled this initiative its ThermoStem Program. In addition, in continuation of BRT's mission of developing and commercializing cell-based biologics, it is seeking to develop a biologics-based cosmetic products business. Pursuant to such business, BRT would formulate, manufacture and sell products designed for cosmetic and aesthetic uses. Further, BRT has licensed a patented curved needle device that is a needle system designed to deliver cells and/or other therapeutic products or material to the spine and discs or other potential sites. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. The December 31, 2023 consolidated balance sh

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